I wouldn't recommend reformatting unless you absolutely have to. Unfortunately I suspect that this is broken hardware. Fortunately they are both inexpensive and easy to replace. You can take a look here:
http://www.pricewatch.comIf the light is remaining on, does it open and close? One thing you can try, if you have the means, is to test it in another PC. You don't actually have to do a great deal, you can just hang it off the cables and not fully install it into the tower that you are going to test it on. You'd just hang it from the power cable and the ribbon (with the power off of course) and then reboot and see if that system then sees that you've added it AND if it works in that other system.